Text: Henry Paulson Testimony before House Financial Services Committee | November 18, 2008

(Source: U.S. Treasury Department)

Click this link for PDF of Sec. Paulson’s Testimony

Text: Summary of Auto Industry Rescue Bill – U.S. House Financial Services Committee

(Source: U.S. House Financial Services Committee)

Summary of Draft Auto Rescue Bill

Adds Title IV to the Emergency Economic Stability Act (EESA):

Emergency Direct Loan Program – Directs Treasury to make no greater than $25 billion total in loans to eligible automobile manufacturers no earlier than December 1, 2008. These funds will be drawn from the third tranche of the $700 billion provided under EESA without triggering the reporting and procedural requirements. Treasury will designate a portion of these funds as needed to meet applicants’ short-term liquidity requirements while they develop the long-term restructuring plan due on 3/31/09, and reserve the balance for long-term needs and implementation of restructuring plan.

Eligible Applicants

• Domestic automobile manufacturers producing in the U.S. continuously for 25 years or more.
• Treasury, in consultation with the Oversight Board described below, must make a determination that the failure of the applicant would have “systemic adverse effect on the overall United States economy.”
• Applicant must provide financial and other information as Treasury may require.
• Applicant must submit a short-term operating plan that describes planned use of the loan proceeds, including commitment of resources to develop long-term restructuring plan and reasonable prospects for repayment.•

Long-Term Restructuring Plan – Not later than 3/31/09, loan recipients must submit to Treasury acceptable restructuring plan for long-term viability and international competitiveness, including fuel efficiency standards and advanced technology vehicle manufacturing, rationalization of costs, and proposals for restructuring existing debt.

Oversight Board

• The Financial Stability Oversight Board (Oversight Board) established under EESA will provide oversight of the loan program, and will have four additional members for purposes of the loan program (Secretaries of Energy, Labor and Transportation and the EPA Administrator) in addition to the five existing members (Fed Chairman, Treasury Secretary, FHFA Director, SEC Chairman, and HUD Secretary).

Oversight of the Loan Program – Existing oversight provisions of EESA apply to the loan program, including GAO, Special IG, and Congressional Oversight Panel.

Allocation of Funds – Treasury, in consultation with the Oversight Board, will prioritize applications based on the magnitude of the impact of the applicant’s U.S. manufacturing operations on the overall U.S. economy.

Terms of Loans

• Term: 7 years (or longer as may be determined by the Oversight Board), subject to immediate acceleration if the recipient fails to submit an acceptable long-term restructuring plan.
• Interest Rate: 5% for first 5 years and 9% thereafter.
• Super Seniority: All other obligations and liabilities of a recipient will be subordinate to the loan.
• No prepayment penalty.

Warrants – Treasury must obtain warrants from each loan recipient (or economic equivalent in the case of a privately held firm) equal to 20% of the loan or such greater percentage as may be determined by Treasury in consultation with the Oversight Board.

Executive Compensation and Corporate Governance – All executive compensation restrictions from EESA apply to loan recipients for the duration of the loan plus the following additional restrictions:

• No bonuses to employees making more than $200,000 (which Treasury will adjust for inflation).
• No golden parachutes under any circumstances.
• No compensation plan that could encourage manipulation of reported earnings to enhance compensation.

Ability to Prohibit Transactions, Oversight of Financial Condition – For duration of the loan, Treasury in consultation with the Oversight Board will have the authority to review and prohibit any asset sale, investment, contract, or commitment proposed to be entered into by the recipient valued in excess of $25 million.•

Dividends – Recipients may not pay any dividends for duration of the loan.•

Full Information Access – Recipients are required to provide Treasury and Oversight Board access to all information that may be relevant to the loan to monitor the interests of the government under this title.

Acceleration of Repayment for Failure to Comply – Treasury may require, in consultation with the Oversight Board, accelerated repayment if loan recipient fails to submit an acceptable long-term restructuring plan or fails comply with any other applicable condition or requirement of the loan program or CAFE

Full Text: President George W. Bush, Speech on the Financial Markets and World Economy, Manhattan Institute, November 13

(Source: White House Press Office)

THE PRESIDENT: Thank you very much. Please be seated. Thank you. Larry, thank you for the introduction. Thank you for giving Laura and me a chance to come to this historic hall to talk about a big issue facing the world. And today I appreciate you giving me a chance to come and for me to outline the steps that America and our partners are taking and are going to take to overcome this financial crisis.

And I thank the Manhattan Institute for all you have done. I appreciate the fact that I am here in a fabulous city to give this speech. (Applause.) People say, are you confident about our future? And the answer is, absolutely. And it’s easy to be confident when you’re a city like New York City. After all, there’s an unbelievable spirit in this city. This is a city whose skyline has offered immigrants their first glimpse of freedom. This is a city where people rallied when that freedom came under attack. This is a city whose capital markets have attracted investments from around the world and financed the dreams of entrepreneurs all across America. This is a city that has been and will always be the financial capital of the world. (Applause.) Read more

Full Text: President-Elect Barack Obama, Victory Speech, Grant Park, Chicago | November 4, 2008

(Source: Fox News)

PRESIDENT-ELECT BARACK OBAMA: If there is anyone out there who still doubts that America is a place where all things are possible; who still wonders if the dream of our founders is alive in our time; who still questions the power of our democracy, tonight is your answer.

Its the answer told by lines that stretched around schools and churches in numbers this nation has never seen; by people who waited three hours and four hours, many for the very first time in their lives, because they believed that this time must be different; that their voice could be that difference.

Its the answer spoken by young and old, rich and poor, Democrat and Republican, black, white, Latino, Asian, Native American, gay, straight, disabled and not disabled - Americans who sent a message to the world that we have never been a collection of Red States and Blue States: we are, and always will be, the United States of America. Read more

Text: Sen. Barack Obama Speech in Canton, Ohio | ‘One Week’ | The Closing Argument – October 27, 2008

(Source: Obama for America) (Photo: The Plain Dealer)

As Prepared for Delivery

One week.

After decades of broken politics in Washington, eight years of failed policies from George Bush, and twenty-one months of a campaign that has taken us from the rocky coast of Maine to the sunshine of California, we are one week away from change in America.

In one week, you can turn the page on policies that have put the greed and irresponsibility of Wall Street before the hard work and sacrifice of folks on Main Street. Read more

Full Text: Barack Obama Economy Speech | Toledo, Ohio | October 13

A Rescue Plan for the Middle-Class

As Prepared for Delivery

We meet at a moment of great uncertainty for America. The economic crisis we face is the worst since the Great Depression. Markets across the globe have become increasingly unstable, and millions of Americans will open up their 401(k) statements this week and see that so much of their hard-earned savings have disappeared. Read more

Text: President Bush Statement on G7 Meeting, Oct 11

(Source: White House Press Office)

7:54 A.M. EDT

THE PRESIDENT: Thank you all very much. Good morning. Secretary Paulson, Secretary Rice and I just had a productive discussion with finance ministers of America’s partners in the G7 — Canada, France, Germany, Great Britain, Italy, and Japan. I’m pleased to be with Prime Minister Junker of Luxembourg, who is the President of the Eurogroup of countries, Managing Director Strauss-Kahn of the International Monetary Fund, President Zoellick of the World Bank, Chairman Draghi of the Financial Stability Forum. Thank you all for coming. Read more

Troopergate Documents - Branchflower Report, Todd Palin Statement

Click Here for Full Text Branchflower Report - PDF

Click Here for Todd Palin Affidavit - PDF

Text: President Bush Speech on the Economy, October 10

10:25 A.M. EDT (Source: White House Press Office)

THE PRESIDENT: Good morning. Over the past few days, we have witnessed a startling drop in the stock market — much of it driven by uncertainty and fear. This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being.

Here’s what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets. We are a prosperous nation with immense resources and a wide range of tools at our disposal. We’re using these tools aggressively. Read more

Full Text: Ben Bernanke Speech to National Association for Business Economics, Washington D.C., October 7, 2008

Current Economic and Financial Conditions

Good afternoon. I am pleased to have once again the opportunity to address the National Association for Business Economics. My remarks today will focus on recent developments in the financial sector and the economy and on the challenges we face.

As you know, financial systems in the United States and in much of the rest of the world are under extraordinary stress, particularly the credit and money markets. The losses suffered by many banks and nonbank financial firms have both constrained their ability to lend and reduced the willingness of other market participants to deal with them. Great uncertainty about the values of financial assets, particularly more complex and opaque assets, has made investors extremely reluctant to bear credit risk, resulting in further declines in asset prices and a drying up of liquidity in a number of funding markets. Even secured funding has become expensive and difficult to obtain, as lenders worry about their ability to sell collateral in illiquid markets in the event of default. In addition, many securitization markets, such as the secondary market for private-label mortgage-backed securities, remain closed or impaired. Read more

Full Text: Ohio Gov. Ted Strickland Gives Democratic Radio Address, October 4

(Source: WSAZ-TV)

“Good morning, this is Ohio Governor Ted Strickland.

Yesterday, we woke up to some tough news. Our economy lost another 159,000 jobs in September – our single biggest monthly job loss in more than five years.

That’s another 159,000 Americans wondering how they’ll find the courage to go home and give their families the news. Wondering how they’ll pay for the food, gas, and energy costs that are eating up more and more of their budget. Wondering how they’ll keep their home. Read more

Transcript: Bill Clinton with Larry King, September 24, 2008

(Source: CNN)

(Transcript picks up after first segments of Larry King Live dealt with President Bush’s Address to the nation on the current financial crisis.  You can view President Bush’s address here.)

KING: Thank you, Wolf. Wolf Blitzer right on top of the scene. And don’t forget him in THE SITUATION ROOM tomorrow. He will be covering all of this, as we will tomorrow night in major degree with panel discussions and the like.

And now Bill Clinton. He’s got a lot of experience with tumultuous political times. Read more

Full Text: President George W. Bush Speech to U.N. General Assembly, September 22

President Bush Addresses United Nations General Assembly
United Nations Headquarters | New York, New York

10:12 A.M. EDT

THE PRESIDENT: Mr. Secretary General, distinguished delegates, ladies and gentlemen: I’m pleased to be here to address the General Assembly.

Sixty-three years ago, representatives from around the world gathered in San Francisco to complete the founding of the Charter of the United Nations. They met in the shadow of a devastating war, with grave new dangers on the horizon. They agreed on a historic pledge: “to reaffirm faith in fundamental human rights, and unite their strength to maintain international peace and security.” Read more

U.S. Senate Committee on Banking, Housing & Urban Affairs - Witness Testimony - Paulson, Bernanke, Cox, Dodd - U.S. Financial Crisis - $700 Billion Wall Street Bailout

Below are links to prepared remarks by Senate Banking Chairman Chris Dodd, D-CT, Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke, and SEC Chairman Chris Cox.  Opening remarks actually delivered before the committee were abbreviated, what follows is the testimony prepared for delivery which will be inserted into the Congressional Record.

• Prepared Remarks of U.S. Senator Christopher Dodd, D-CT
• Prepared Remarks of U.S. Treasury Secretary Henry Paulson
• Prepared Remarks of U.S. Federal Reserve Chairman Ben Bernanke
• Prepared Remarks of U.S. Securities and Exchange Commission Chairman Chris Cox

Full Text: Obama Statement on Economic Crisis - Coral Gables, FL

(Source: Obama for America)

We are facing one of the most serious financial crises in this nation’s history.  The events of the last week – from the failure of Lehman to the bailout of AIG to the continued volatility of the market – have not just threatened the trading floors and high-rises of Wall Street, but the stability and security of our entire global economy.  Across this country, Americans are worried about whether they can make their mortgage payments, or keep their jobs, or ensure that their retirement is secure.  Truly, we are all in this together.   Read more

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